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What is the story about?
Investors in precious metal exchange-traded funds (ETFs) saw sharp losses on Monday (June 8) as a steep decline in global gold and silver prices dragged
down domestic fund values, with silver ETFs taking a bigger hit than their gold counterparts.
Most gold ETFs fell between 2% and 3%, while silver ETFs dropped more than 6%, reflecting the sharp correction in underlying commodity prices.
Among the major gold funds, Axis Gold ETF declined over 3%, while Nippon India ETF Gold BeES, SBI Gold ETF, HDFC Gold ETF and ICICI Prudential Gold ETF each fell around 2.5%-2.7%.
The selloff was more pronounced in silver-linked products. HDFC Silver ETF dropped 6.42%, while Nippon India Silver ETF, ICICI Prudential Silver ETF, SBI Silver ETF and Tata Silver ETF each fell more than 6%.
The weakness followed a sharp fall in precious metals in the previous session. According to Choice Broking, MCX Gold declined nearly 3,500 points on Friday (June 5) and opened lower again on Monday (June 8), signalling continued pressure in the near term.
Analysts said gold is trading below key short- and medium-term moving averages, indicating a moderately bearish trend, though prices remain above long-term support levels.
Silver faced even stronger selling pressure after hitting a lower circuit of nearly 6% on Friday (June 5) and extending losses at Monday's (June 6's) open. Analysts noted that the Gold-Silver ratio has climbed above 63:1, suggesting silver is significantly underperforming gold. Unless a reversal signal emerges, silver prices are likely to remain under pressure, they added.
The decline in precious metals came amid shifting global risk sentiment, rising crude oil prices and fading expectations of a US-Iran peace agreement, factors that also supported the US dollar and weighed on commodity markets.
Most gold ETFs fell between 2% and 3%, while silver ETFs dropped more than 6%, reflecting the sharp correction in underlying commodity prices.
Among the major gold funds, Axis Gold ETF declined over 3%, while Nippon India ETF Gold BeES, SBI Gold ETF, HDFC Gold ETF and ICICI Prudential Gold ETF each fell around 2.5%-2.7%.
The selloff was more pronounced in silver-linked products. HDFC Silver ETF dropped 6.42%, while Nippon India Silver ETF, ICICI Prudential Silver ETF, SBI Silver ETF and Tata Silver ETF each fell more than 6%.
The weakness followed a sharp fall in precious metals in the previous session. According to Choice Broking, MCX Gold declined nearly 3,500 points on Friday (June 5) and opened lower again on Monday (June 8), signalling continued pressure in the near term.
Analysts said gold is trading below key short- and medium-term moving averages, indicating a moderately bearish trend, though prices remain above long-term support levels.
Silver faced even stronger selling pressure after hitting a lower circuit of nearly 6% on Friday (June 5) and extending losses at Monday's (June 6's) open. Analysts noted that the Gold-Silver ratio has climbed above 63:1, suggesting silver is significantly underperforming gold. Unless a reversal signal emerges, silver prices are likely to remain under pressure, they added.
The decline in precious metals came amid shifting global risk sentiment, rising crude oil prices and fading expectations of a US-Iran peace agreement, factors that also supported the US dollar and weighed on commodity markets.
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